Normally I don't attend sales calls. But decided to attend a call when I was called by an insurance company.
Caller1: Sir, I am calling from XX company. We have a plan for you. Pay x for 3 years , no payment on 4th year, 5th year you would receive 6x ( roughly double of what one pays over 3 years).
Me: What is the rate of return?.
Caller1: I am not aware . Team lead will tell you.
Me: Is it an ULIP?.
Caller1: No it is not market linked and it is an endowment plan.So, returns are assured.
Me: If you are not investing in market, how do you expect such fabulous returns??.
Caller1: I will ask my lead to talk to you..( Call cut).
Caller 2 - calls me,
Caller 2: Sir, this is me from XX company about the insurance endowment plan in continuation to Caller 1's conversation.
Me: Please tell me.
Caller 2: What is your income? where do you work? what's your age??
Me: First, get me the details of policy. what is the rate of return?
Caller 2: My team lead will call you....
( Call ends.. Now team lead calls)
TL: Sir, good morning.
Me: Yes, please.
TL: I will explain the plan, this is endowment and so returns are assured.
Me: You don't invest in market, but the rate of returns you promise is too high. How do you generate such returns?
TL: The company invests in group companies to generate the money ( not sure whether this was a fact).
Me: Is it, Doesn't IRDA ( Insurance Regulatory Authority) prohibit it ? Can you invest in group companies (the premium collected??.. Then every company can start an insurance money to source funds).
TL: hmmmmm.
Me: Investing in group company is more riskier than investing in market.is'nt it?
TL: hmmm..Sir, are you YIC company agent or 3C company agent?
Me :Why/??
TL: hmmm
Me: I am an investor and that's why I question.
TL: Thank you .blurr...( Call cut abruptly).
Buyers be aware. Start questioning these parrots- dumb sales persons ( either they be called TL, GM or VP) before you invest your hard earned money. I am not saying this insurance plan is fake. But any product must be understood by you,before you invest.
Ignorance is definitely not bliss when it comes to investments.
Caller1: Sir, I am calling from XX company. We have a plan for you. Pay x for 3 years , no payment on 4th year, 5th year you would receive 6x ( roughly double of what one pays over 3 years).
Me: What is the rate of return?.
Caller1: I am not aware . Team lead will tell you.
Me: Is it an ULIP?.
Caller1: No it is not market linked and it is an endowment plan.So, returns are assured.
Me: If you are not investing in market, how do you expect such fabulous returns??.
Caller1: I will ask my lead to talk to you..( Call cut).
Caller 2 - calls me,
Caller 2: Sir, this is me from XX company about the insurance endowment plan in continuation to Caller 1's conversation.
Me: Please tell me.
Caller 2: What is your income? where do you work? what's your age??
Me: First, get me the details of policy. what is the rate of return?
Caller 2: My team lead will call you....
( Call ends.. Now team lead calls)
TL: Sir, good morning.
Me: Yes, please.
TL: I will explain the plan, this is endowment and so returns are assured.
Me: You don't invest in market, but the rate of returns you promise is too high. How do you generate such returns?
TL: The company invests in group companies to generate the money ( not sure whether this was a fact).
Me: Is it, Doesn't IRDA ( Insurance Regulatory Authority) prohibit it ? Can you invest in group companies (the premium collected??.. Then every company can start an insurance money to source funds).
TL: hmmmmm.
Me: Investing in group company is more riskier than investing in market.is'nt it?
TL: hmmm..Sir, are you YIC company agent or 3C company agent?
Me :Why/??
TL: hmmm
Me: I am an investor and that's why I question.
TL: Thank you .blurr...( Call cut abruptly).
Buyers be aware. Start questioning these parrots- dumb sales persons ( either they be called TL, GM or VP) before you invest your hard earned money. I am not saying this insurance plan is fake. But any product must be understood by you,before you invest.
Ignorance is definitely not bliss when it comes to investments.
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